HomeBitcoinPrice of Ethereum Stuck Near $3K, Signs Indicate Risk of Downside Break

Price of Ethereum Stuck Near $3K, Signs Indicate Risk of Downside Break

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Ethereum price is still facing many hurdles near $3,200. ETH could start another major decline if the price stays below $3,200 and $3,280.

  • Ethereum is struggling to recover above the $3,200 resistance zone.
  • The price is trading below $3,200 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start another decline if there is a close below the $2,900 support zone.

Ethereum Price Consolidates

Ethereum price found support and attempted a recovery wave above the $3,000 resistance zone. ETH was able to climb above the $3,200 level. However, the bears were active near the $3,280 resistance zone.

A high was formed at $3,278 and the price reacted to the downside, like Bitcoin. It dipped below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to the $3,278 high. Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average.

Immediate resistance is near the $3,100 level. There is also a key bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. The first major resistance is near the $3,200 level and the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,280, above which the price might rise toward the $3,350 level. The key hurdle could be $3,500, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,620 zone. If there is a move above the $3,620 resistance, Ethereum could even climb toward the $3,750 resistance.

Another Decline In ETH?

If Ethereum fails to clear the $3,200 resistance, it could start another decline. Initial support on the downside is near the $3,000 level.

The first major support is near the $2,900 zone or the 50% Fib retracement level of the upward move from the $2,536 swing low to the $3,278 high. The next key support could be the $2,710 zone. A clear move below the $2,710 support might send the price toward $2,650. Any more losses might send the price toward the $2,550 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,900

Major Resistance Level – $3,200

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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